Re:Ask HN: Would you make every country have a wealth tax li...
by rawgabbit on Monday January 13, 2025 @10:51PM
(#42693394)
People have cheated on taxes from the beginning. The wealthier you are, the better equipped you are with “estate planning.”
The wealthy would often donate the bulk of their wealth to the foundation which they had sole control over. This foundation would give “jobs” to their children and also provide loans for the owners. Another perk of the foundation is that interested people could also “donate” to the foundation.
allows them to dip into the foundation’s “charitable” funds to take out loans or be compensated to the tune of potentially hundreds of thousands of dollars
TLDR If you implement a wealth tax, you will find rich people donating all their money to their private foundation.
The wealthy would often donate the bulk of their wealth to the foundation which they had sole control over. This foundation would give “jobs” to their children and also provide loans for the owners. Another perk of the foundation is that interested people could also “donate” to the foundation.
https://jacobin.com/2022/07/private-charity-wealth-inequalit...
allows them to dip into the foundation’s “charitable” funds to take out loans or be compensated to the tune of potentially hundreds of thousands of dollars
TLDR If you implement a wealth tax, you will find rich people donating all their money to their private foundation.